Yes, you can usually remortgage even if your circumstances have changed, but your options will depend on what has changed and how lenders assess your situation today. In the UK, a remortgage is treated as a new mortgage application, which means lenders reassess affordability, income, and overall risk based on your current circumstances, not when you first took the mortgage out.
This guide explains when it is possible, what lenders look at, common scenarios homeowners face, and how to improve your chances of being approved.
What Does a Change in Circumstances Mean When Remortgaging?
A change in circumstances refers to anything that affects your income, outgoings, employment, or household structure since you last applied for a mortgage.
This can include changes such as:
- A new job or career change
- Becoming self-employed
- Reduced income or increased expenses
- Divorce or separation
- Having children
- Taking on additional credit commitments
- Retirement or approaching retirement age
When you remortgage, lenders will reassess your situation as if you were applying for the first time.
Why Lenders Recheck Everything When You Remortgage
Although you may have managed your mortgage well for years, remortgaging involves replacing your existing deal with a new one. This means lenders must follow current affordability rules and lending criteria.
They will usually reassess:
- Your income and how stable it is
- Your monthly commitments and debts
- Your credit history and recent conduct
- The property value and loan-to-value (LTV)
- The remaining mortgage term
This is why changes in circumstances can affect whether you are approved, the rate you are offered, or how much you can borrow.
Common Changed Circumstances and How They Affect Remortgaging
Changed Employment or Income
If you have changed jobs, lenders will usually want to see that your income is sustainable. Many are comfortable with a new role once you have passed probation, while some may consider applications even earlier if the role is permanent and in the same industry.
If your income has reduced, affordability may be tighter, but remortgaging is still often possible, especially if your loan-to-value is low.
Becoming Self-Employed
Remortgaging after becoming self-employed is common, but lenders usually require evidence of income, typically through accounts or tax calculations.
Some lenders accept one year of trading, while others prefer two or more. If your income is stable or increasing, this can improve your options.
Divorce or Separation
Divorce is a common reason homeowners remortgage. This may involve removing one person from the mortgage, buying out a share of the property, or restructuring the loan.
Affordability is assessed on the remaining borrower’s income, which can be challenging but not impossible. In some cases, a longer mortgage term or different lender can help.
Increased Debts or Financial Commitments
Additional loans, credit cards, or car finance can reduce how much you can borrow. Lenders factor these into affordability calculations.
Even so, many homeowners can still remortgage to secure a better rate or avoid moving onto their lender’s standard variable rate.
Approaching Retirement
If your circumstances have changed due to age or retirement plans, lenders will look closely at how the mortgage will be repaid in later years.
Some lenders are more flexible than others, especially where pension income is clear or the loan-to-value is low.
What If You Cannot Pass a New Affordability Check?
If your circumstances have changed and you cannot pass a full affordability assessment with a new lender, you may still have options.
Many homeowners are eligible for a “product transfer” with their existing lender. This allows you to switch to a new deal without reassessing income or affordability, provided you are not borrowing more or changing the mortgage structure.
This can be a valuable fallback option if your circumstances have changed unfavourably.
Can You Remortgage to Improve Your Situation?
In some cases, remortgaging can actually help manage changed circumstances.
For example:
- Securing a lower interest rate to reduce monthly payments
- Extending the mortgage term to improve affordability
- Consolidating debts, where appropriate
- Switching from interest only to repayment
A mortgage adviser can help assess whether these options are suitable and sustainable.
What Documents Will Lenders Ask For?
If your circumstances have changed, lenders may ask for additional evidence.
This often includes:
- Recent payslips or accounts
- Bank statements
- Proof of bonuses or overtime
- Credit commitments and expenditure
- Identification and address verification
Being prepared can help avoid delays and improve the likelihood of approval.
Should You Get Mortgage Advice If Circumstances Have Changed?
When circumstances are straightforward, remortgaging can be simple. When they have changed, advice becomes more important.
A remortgage adviser can:
- Identify lenders most suitable for your situation
- Explain whether a remortgage or product transfer is best
- Compare rates across the market
- Help structure the mortgage to improve affordability
- Avoid unnecessary credit checks or declined applications
This can be particularly valuable if your income has changed, you are self-employed, or personal circumstances are complex.
The Bottom Line
Yes, you can remortgage if your circumstances have changed, but your options will depend on how those changes affect affordability and lender criteria. Many homeowners successfully remortgage after job changes, becoming self-employed, divorce, or changes to household income.
Even if remortgaging with a new lender is not possible, alternatives such as product transfers may still be available. Taking advice before your current deal ends can help you avoid higher rates and find the most suitable option for your situation.
If your circumstances have changed and you are considering remortgaging, our Best Remortgage Advisers Guide can help you find experienced advisers who can assess your options and support you through the process.
